China central bank says economy showed positive changes in first quarter; reaffirms prudent policy
BEIJING - China’s central bank on Monday called for more coordination between the country’s monetary policy, fiscal policy and other policies as Beijing seeks to fend off risks and maintain stable economic growth.
Some positive changes have occurred in the structural adjustments of the Chinese economy in the first quarter, but deep problems remain amid uncertainties, the People’s Bank of China said in a statement on its website following a quarterly meeting of its monetary policy committee.The central bank reiterated its pledge to continue with a prudent monetary policy that is neither too loose or too tight, and ensure reasonably ample liquidity in the interbank market.
“With a sizeable 4 yuan trillion fiscal stimulus this year and a monetary easing policy that has created 4 percent credit growth in the first quarter alone, we expect the Chinese economy to grow above the 6 percent lower boundary target set by the government,” said Pang in a note on Monday.A Reuters poll showed that growth likely cooled to the weakest pace in at least 27 years, but a flurry of measures to boost domestic demand may have put a floor under slowing activity in March.
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